Cryptocurrencies have started to perform better compared to the dull days of the past few weeks. BTC reached $67,000. Although altcoins turned green, investors remain cautious. They are not wrong because BTC has lingered at the $66,000 level many times and experienced rapid drops. This situation has made investors more timid as it triggered significant losses in altcoins.
Bitcoin Will Break Records
According to CoinGlass data, a rise is disappointing short sellers. BTC lingered at $66,700 but recently touched the $67,500 mark. The crypto analyst known as Moustache excited investors. The popular analyst, who heralded a golden cross (golden intersection) for BTC on the 12-hour chart, expects a big rally.
Golden Cross is generally a harbinger of large and rapid rises. It is seen in the middle of the ongoing upward movement and gives an idea for the estimated peak. It occurs when the short-term moving average cuts the long-term moving average from below to above, and BTC’s rapid rise to $67,000 opens the door to this.
“The last upward intersection was more than six months ago. Bitcoin has increased by over 170% since then.”
If he is right, Bitcoin could start a process where it could increase by over 100% from the current level. Experts point to the beginning of 2025 for the peak, so it is still worth being cautious.
Cryptocurrencies May Rise
Another crypto commentator, Titan of Crypto, draws attention to the Ichimoku Cloud. He also focuses on the potential for the same event to repeat by comparing the past with the present and said;
“BTC seems to be repeating the same pattern from the beginning of 2024.”
At that time, BTC formed the current appearance and increased by around 60%. Subsequently, Titan of Crypto is pleased with the king crypto forming solid supports at higher levels.
“BTC perfectly turns previous resistance into support.”
Bitcoin, which reached the highest level in 7 weeks, increased due to both inflation data and the confidence provided by 13F documents. The long-bad inflation data finally dropped in April.
